Iteris reports Q3 EPS 7c, consensus 1c

Reports Q3 revenue $42.1M, consensus $41.7M. “We are pleased to report year-to-date organic revenue increased 14% from last year despite a return to normal pre-COVID seasonality in the third quarter,” said Joe Bergera, CEO of Iteris. “In addition to the strong nine-month revenue performance, improvements in our gross margins drove a significant, $18.1 million year-to-date increase in adjusted EBITDA relative to the same prior year period. Although the return to pre-COVID seasonality will also affect fiscal 2024 fourth quarter prior year comparisons, we continue to experience strong demand for our ClearMobility(R) Platform and expect to end the fiscal year with 10% revenue growth at the midpoint of our guidance range. Over the long term, we continue to anticipate strong organic revenue growth consistent with our Vision 2027 targets, which assume a five-year organic revenue CAGR of approximately 14%, as well as expanding operating leverage that will drive further adjusted EBITDA margin improvement.”